WASHINGTON, DC - The Department of Housing and Community Development (DHCD) held a press conference to announce a new home purchase assistance program. DHCD announced the implementation of a new program that will affect thousands of current homeowners in Washington. The Home Purchase Assistance Step Up Program (HPASUP) will provide $10,000 to homeowners needing financial assistance to purchase a new single family house. HPASUP loans will be awarded to a limited number of eligible applicants, depending on funds allocated in the department’s budget, who received loans through DHCD’s Home Purchase Assistance Program (HPAP). About 7,000 residents have received loans since HPAP was created in 1978.
"Homeownership is very important to the continued stabilization and strengthening of neighborhoods," Mr. Bailey said. “This new program will help us maintain residents who are otherwise growing out of their current homes and may be thinking of moving out of Washington. By providing them with a low-interest loan to pay for down payment and closing costs, we are offering a helping hand and showing them the Government of the District of Columbia wants them to stay in the city.”
The program is the first new home purchase assistance program introduced by the Government of the District of Columbia in five years and the first to target current homeowners. DHCD’s four other home purchase assistance programs are only open to first-time homebuyers. Residents interested in applying for HPASUP can contact one of the four following community based organizations:
- Latino Economic Development Corporation - (202) 588-5102
- Housing Counseling Services, Inc. - (202) 667-7006
- University Legal Services - (202) 645-7175 and (202) 547-4747
- Marshall Heights Community Development Corporation - (202) 396-1200